f EDU-MADE-EASY BLOG

Education is an ornament in prosperity and a refuge in adversity.

It is as impossible to withhold education from the receptive mind as it is impossible to force it upon the unreasoning. - Agnes Repplierg

Education aims to give you a boost up the ladder of knowledge.

Educating the mind without educating the heart is no education at all. - Aristotle

He who opens a school door, closes a prison.

If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest. - Ben Franklin

To the uneducated, an A is just three sticks.

To teach a man how he may learn to grow independently, and for himself, is perhaps the greatest service that one man can do another.

If you think education is expensive, try ignorance.

Education is what remains after one has forgotten what one has learned in school.

FINANCIAL ACC 101

MORE QUESTIONS ON PREVIOUSLY TREATED TOPICS

Hey Everyone, Happy New Week even though the week has been far spent. Hope this week has and month has been beautiful for you. Remember you deserve the best of God and it is yours if only you believe and profess it. Well below is a Question. Enjoy!!!
QUESTION 1:
Dan Jumbo started business on 1/1/94 with the following:
Building                                                  100, 000
Stock of Goods                                       40, 000
Motor Van                                              50, 000
Cash                                                        10, 000
During the Month, he undertook the following transactions:
5th Jan     Sold goods for Cash                                                                                         5, 000
10th Jan   Sold goods on Credit                                                                                      20, 000
12th Jan  Bought goods on Credit                                                                                 10, 000
15th Jan   Cash Sales Banked                                                                                         15, 000
18th Jan    Paid cash for Office Stationery                                                                    2, 000
20th Jan    Received Cash from Debtors for goods                                                      5, 000
22nd Jan    Paid cash for Office Expenses                                                                      1, 000
23rd Jan    Paid Salaries by cheque                                                                                 4, 000
24th Jan    Sold goods for Cash                                                                                       7, 000
25th Jan    Sold goods on Credit                                                                                      5, 000
26th Jan     Bought goods on Credit                                                                                3, 000
27th Jan     Bought goods for Cash                                                                                  2, 500
28th Jan     Withdrew Money from Bank for Owner's Use                                         1, 500
29th Jan    Office Cash Banked                                                                                      5, 000
31st Jan    Paid Electricity by Cheque                                                                           1, 500
You are required to Record the above transactions in the appropriate books of original entry.
ANSWER:

DR
DATE PARTICULARS F CASH BANK
1ST JAN Capital   10, 000  
5TH JAN Sales   5, 000  
15TH JAN Sales     15, 000
20TH JAN Sales   5, 000  
24TH JAN  Sales   7, 000  
29TH JAN Cash C   5, 000
         
         
      27, 000 20, 000
  Balance b/d   16, 500 13, 000




CR

DATE PARTICULARS F CASH BANK
18TH JAN Office Stationery   2, 000  
22ND JAN Office Expenses   1, 000  
23RD JAN Salaries     4, 000
27TH JAN Purchases   2, 500  
28TH JAN Drawings     1, 500
29TH JAN Bank C 5, 000  
31ST JAN Electricity     1, 500
  Balance c/d   16, 500 13, 000
      27, 000 20, 000
         

JOURNAL PROPER

                       JOURNAL PROPER
DATE PARTICULARS DR CR
1ST JAN Building 100, 000  
  Stock 40, 000  
  Motor Van 50, 000  
  Cash 10, 000  
  To Capital A/C   200, 000
     


                          SALES DAY BOOK
DATE PARTICULARS F AMOUNT
10TH JAN Debtors   20, 000
26TH JAN Debtors   5, 000
31ST JAN Sales A/C Cr 25, 000



                PURCHASES DAY BOOK
DATE PARTICULARS F AMOUNT
12TH JAN Creditors   10, 000
26TH JAN Creditors   3, 000
31ST JAN Purchases A/C Dr 13, 000


NOTE: THE QUESTION IN THIS POST IS CREDITED TO WEST AFRICA EXAM COUNCIL 1996 PAPER. THE ANSWER IS ALSO CREDITED TO WAEC. THANKS
This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and of your questions below. Have a Blessed Day and Remember You are Amazing. God Bless.


COMMERCE 101

LARGE SCALE RETAILING

Hey Guys, Happy New Week. The Last in the month of March. This month is soon over, well 2015 has been a FAST year wouldn't you say? Well All to the Glory of God. How was your weekend, mine was splendid. Alright, straight to Business...
Large Scale Retailing is a trading with a large scope of operation. Everything is on a bigger scale unlike Small Scale Retailing. Buying is on a Large Scale, Selling is also on a Large Scale. They include:
1. CHAIN/MULTIPLE STORES
It is a form of Large Scale Retail Trading whereby the Store has similar and identical designs, layout and product display in all its outlets/branches. For example in Nigeria, we have UTC Store, Leventis store etc.
FEATURES OF CHAIN STORE:
a. They Sell Similar Range of Products.
b. They are found in Towns and Urban Areas.
c. They have Identical Store Designs.
d. They have similar stock display.
ADVANTAGES OF CHAIN STORE:
a. They ensure Consistence of their Product.
b. They buy in bulk, which ensures Lower Price.
c. Their Customers can easily locate their store anywhere.
DISADVANTAGES OF CHAIN STORE:
a. They don't facilitate Credit Transaction.
b. Decision-Making are always delayed.
c. No Personal Relationship between the shop attendant and customer.
2. DEPARTMENTAL STORES
It is a Large Retailing Store that operates under one roof which deal with a wide variety of goods but organised in different sections (departments) for the purpose of service, promotion and control.
Each Department Specialise in one line of product. For example- Kingsway Stores etc.
FEATURES OF DEPARTMENTAL STORES:
a. Each Department has its own Manager.
b. Each Department deals in one line of Product.
ADVANTAGES OF DEPARTMENTAL STORES:
a. It allows freedom of Movement around the Store.
b. It ensures bulky purchases of Goods which helps in Price Reduction.
DISADVANTAGES OF DEPARTMENTAL STORES:
a. It requires Large Capital to set up.
3. SUPERMARKET
It is a Large Retailing Business Unit that deals mostly on Food, Household Items and other wide variety of goods. It operates a Self-Service System with Basket and Trolleys left for Customers to help themselves to their needs.
ADVANTAGES OF SUPERMARKET:
a. It Provides Wide Variety of Goods.
b. Customers have the right to make choices without being influenced by shop attendants.
c. It ensures Self-Services.
DISADVANTAGES OF SUPERMARKET:
a. No Personal Attention is given to Customers.
4. MAIL ORDER
It is a large Retailing Business in which buying and selling is carried out by post. The customers are contacted by mail, their orders are received by mail, and the delivery is by mail. It involves the use of catalogue that presents the goods and price. Payment is through Cash Delivering Basis.
New Trends have been introduced in retailing business because of the dynamic nature of commercial activities. In order to enhance and facilitate business activities;  New ideas and Techniques have been introduced.
This brings us to the end of Today's Session. Hope this was very helpful to you, leave a comment of what you think of this Tutorial and of your Questions below. Have a Blessed Day and Remember You are Amazing. God Bless You.


ECONS 101

LAWS OF DIMINISHING RETURNS

Holla Everyone, wats popping today. Hope today is HEAVEN for you and all your loved ones. JESUS IS LORD 4EVER. Let's get started!!!
The Law of Diminishing Returns states that as successive units of a variable factor is applied to a given fixed factor, output will increase at first but it will get to a point at which the addition of one more unit of the variable factor will result in less additional units of output. In order words, The variable Factor here can be Labour or capital and the fixed factor can be land.
The Law of Diminishing Returns, sometimes called the law of variable proportions, is applicable to both the agricultural and industrial sectors that use both the fixed and variable factors of production.
This Law can be illustrated in the table below
Fixed Factor (Land)
Variable Factor (Labour Unit)
Total Output (kg)
Average Output (kg)
Marginal Output (kg)
1
1
10
10

1
2
30
15
20
1
3
60
20
30
1
4
120
30
60
1
5
100
20
20
1
6
90
15
10